How do I transfer property from one llc to another llc?

[mack3]

Jurisdiction

North Carolina

How do I transfer a property that is under an llc that I and my business partner own equally to an llc that only I own? There is no loans or lien on the property and we both are on good terms and agree that I should have it.

 

[adjusterjack]

1 - LLCs don't have "partners."

2 - If you and your business partner OWN the property equally, then the LLC doesn't own it.

3 - If the property is real estate, a general warranty deed or a quitclaim deed can be used to convey ownership from a grantor to a grantee, either of which can be an individual or a business entity depending on what the current deed to the property says.

4 - Regardless of who does what, I suggest you budget a few hundred bucks to have a lawyer draw up the proper deed for whatever your situation is. Make sure the deed gets recorded once it's been properly executed.

 

[army judge]

1 - LLCs don't have "partners."

2 - If you and your business partner OWN the property equally, then the LLC doesn't own it.

3 - If the property is real estate, a general warranty deed or a quitclaim deed can be used to convey ownership from a grantor to a grantee, either of which can be an individual or a business entity depending on what the current deed to the property says.

4 - Regardless of who does what, I suggest you budget a few hundred bucks to have a lawyer draw up the proper deed for whatever your situation is. Make sure the deed gets recorded once it's been properly executed.

Excellent information shared with you by AdjusterJack.

While you're discussing the proper way to convey the property with your LLC attorney, or your personal attorney, you might be prudent to inquire about your various entities, specifically the two LLCs.

No need to be alarmed, just be proactive, mate.